I wouldn't rely too much on a study from thirteen years ago.
That is very depressing. I'm definitely not going into primary care.
Did you actually READ the article, much less understand what it is trying to say?...it is an analysis of the internal rate of return on the investment of time and money in the education and training required for various professions...medical professions will fare "worse" in these comparisons because they require more time (and money) than MBA, Law, or Dentistry...the "business" category will always have the highest IRR because it has the shortest formal education, assuming even that one attends business school for one or two years (Bill Gates was a college dropout, much less not an MBA, and he did OK).
To conclude from this article that you are "definitely not going into primary care" because it is so "depressing" shows that you do not have a very good grasp on the analysis and its relevance. Understand what is behind the bar graphs.
So you think that things have gotten better for primary care docs since 13 years ago? I don't think so...
You seem like a cocky little critter to me, and perhaps you should read the whole article because you are only referring to one aspect of the paper. Everything you said about IRR was summarized in Figure 3, the "bar graph" you talk of. The tables and Figure 2 seem to convey more useful information: that is, even after all the years of formal medical education with the time and money put in, primary care physicians earn a noncompetitive wage commensurate of their investment.
I always had an interest in medical specialization. The article only reinforces my perception of the disparities between generalists and specialists, and from this I will certainly pursue the latter path.
The average bear would know that the medical system in the United States is not the same as that in Canada, or anywhere else in the world. There are obvious income disparities between generalists and specialists, and the article shows some useful numbers to back the words.Did you really need this article to "reinforce" the income disparities between generalists and specialists? Hell, the average bear on the street knows that a surgeon makes more money than a family practice doc...and that bear also knows that the family practice doc makes a very nice living, too, far above the average income in the US.
I don't care about your education background, and my problem with you isn't about your investment analytical abilities. It is your condescending ego and arrogance that deserves a good bashing.BTW - I read the whole article. And I have an MBA with an extensive investment analysis background. And there was nothing all that informative or interesting in this article as far as I am concerned, but more power to you, you got some "reinforcement" from it.
The average bear would know that the medical system in the United States is not the same as that in Canada, or anywhere else in the world. There are obvious income disparities between generalists and specialists, and the article shows some useful numbers to back the words.
I don't care about your education background, and my problem with you isn't about your investment analytical abilities. It is your condescending ego and arrogance that deserves a good bashing.
You seem like a cocky little critter to me, and perhaps you should read the whole article because you are only referring to one aspect of the paper. Everything you said about IRR was summarized in Figure 3, the "bar graph" you talk of. You didn't talk about net present value of investment. The tables and Figure 2 seem to convey more useful information: that is, even after all the years of formal medical education with the time and money put in, primary care physicians earn a noncompetitive wage commensurate of their investment.
I always had an interest in medical specialization. The article only reinforces my perception of the disparities between generalists and specialists, and from this I will certainly pursue the latter path.
You and your worthless comments score ZERO points.
When we do go to some type of socialized healthcare system, you guys will wish you had payed more attention to primary care. I will be sorry for the specialists at that point.
Two general ways to equalize the income and IRR disparity: Either raise primary care pay (while concurrently lowering specialist compensation), or lower the cost of training for primary care docs (lower tuition, more grants, etc). I am betting on the latter approach as more likely palatable public policy...all of this assuming that the coming shortage in docs is primary care - is that the case? - I recently read of a coming shortage in oncologists...and too much "socialized" screwing with the current imperfect system could have unintended results and lead to shortages in specialities, too.
I think I've already seen this same thread (same argument, different title) about 5 times this week.
... Bill Gates was a college dropout, much less not an MBA, and he did OK. ...
II think the best route would be to excuse the student loans of those whom go into primary care. Additonally, the government/state should directly give doctors working in underserved areas a bonus to their income and/or a tax break.
You need to work on your reading comprehension skills...and looking at your mdapps profile, good luck landing that high paying specialty medical gig...and if you think the numbers in that article from 1994, with data from the 1980s, are "useful" for any kind of current analysis, you are a fool (e.g., the average undergraduate tuition used in the study was $3760 per year - yeah, that is really relevant to 2007).
When we do go to some type of socialized healthcare system, you guys will wish you had payed more attention to primary care. I will be sorry for the specialists at that point.
When we have socialized medicine, all physicians will be screwed. That's why hilary and obama suck balls.
I really just have to wonder what type of empty life necessitates this fruitless mental masturbation...
I wouldn't rely too much on a study from thirteen years ago.
II think the best route would be to excuse the student loans of those whom go into primary care. Additonally, the government/state should directly give doctors working in underserved areas a bonus to their income and/or a tax break.
I thought we weren't going into medicine for the money...
lol good one
I hate it when people just post and nag about threads that have been already placed and tell you to do a search
Yeah, you're right. The situation has gotten a lot worse since this was written
Yeah, I guess I am nagging about this. But it just seems to be a dead horse... the whole "medicine v. dent. v. law." I don't see why everyone is so worried about the financial situation of people in other careers, or who's going to make more money and is it fair?
Bottom line: go into whatever career makes you happy (work-wise, and financially). Who cares what other jobs pay?
I wouldn't rely too much on a study from thirteen years ago.
I thought we weren't going into medicine for the money...
if you think doctors out there work purely for the sake of being a "savior" of the human race then you must be smoking some serious crack. i can guaratee you that over 90% of premeds and doctors are into medicine solely for the money.
If you go into medicine solely for money, you maybe disappointed. Go and talk to 10 MD's out there who have been practicing for a few years and ask them the financial reward relative to the effort they put in, and you may be surprised.
i can guaratee you that over 90% of premeds and doctors are into medicine solely for the money.
Did you actually READ the article, much less understand what it is trying to say?...it is an analysis of the internal rate of return on the investment of time and money in the education and training required for various professions...medical professions will fare "worse" in these comparisons because they require more time (and money) than MBA, Law, or Dentistry...the "business" category will always have the highest IRR because it has the shortest formal education, assuming even that one attends business school for one or two years (Bill Gates was a college dropout, much less not an MBA, and he did OK).
To conclude from this article that you are "definitely not going into primary care" because it is so "depressing" shows that you do not have a very good grasp on the analysis and its relevance. Understand what is behind the bar graphs.
You're failing to recognize a very salient take-home message from that article: primary care physicians spend a long time in training, work long hours, and are (comparatively speaking) poorly reimbursed for their efforts.
The next question now is "can you afford to pay back your loans?".
So you would be going into medicine if your only prospect for salary was something your average Burger King employee makes? Please.
You go to business if you main purpose is to make a lot of money. You go to law if you main purpose to make money and screw people. You go to dentistry if your main purpose is to make money and help people. You go to medicine if you main purpose is to help people, have a great passion for medical sciences, and money is secondary to you. I have a lot of respect for medical professionals such as physicians and nurses. I think they are underpaid for the great services they provide to sick patients. But for the effort and money a medical student put in, and then look at the pay per hour he/she will make in 10 years, medicine probably is not best investment if you analyse it in a purely financial standpoint, just like a judge may not make as much money as a high power attorney in private practice. But the society respects physicians more than businessmen, and also respects judges more than attorneys in private practice.
I am a dental specialist in orthodontics. Like most of my colleagues, I work four weekdays per week and less than 35 hours per week. I make only an average income in my profession but I am very happy and thankful with what I have. I can make a little more if I work an extra one or two days, but like most dentists, we rather use the extra time to spend with our family or hobbies. According to the last survey that just came out, general dentists (family practice) who own their practice make an average of $175,000 per year, which is very close to primary care physicians' salary. The top earning dental specialists (oral surgeons, endodontists, orthodontists) make a little over $300,000 annually, which is very close to a competitive medical specialty (cardiology, orthopedics, opthalmology). If you divide the pay by the hours, dentists probably makes a little more per hour since the average working hours per week for dentists is 35, and for physicians it can be between 40-60 hours per week - and they work more evenings and weekends. Dentists also face less malpractice lawsuits than physicians. On the other hand, the medical profession is more prestigious than other health professions including dentistry, and deservedly so.
I believe that physicians are underpaid today for their training and hours. But things were different in the 70's and 80's, when some doctors make over $0.5 million or even $1 million annually. Doctor's earnings actually may have dropped in the last two decades during to aggressive fee cutting imposed by Medicare, HMO's, PPO's and managed care. The trend in managed care is also affecting dentistry, podiatry, and optometry, although may be not as severe as medicine. That is why plastic surgery and orthodontics are relatively more lucrative because HMO's don't cover for these services and patients need to pay for the most part. The downside to be in a lucrative profession is that there is more and more intense competition every year from other practitioners because they want a piece of the pie. Today more general dentists are performing orthodontics without training because they want to make $. And I bet there are MD's out there doing laser and plastic surgery without much training due to $ factor too.
My advice is pick the profession based on what is more important to you: money, prestige, live style etc.
Thanks for this post!! This is very helpful! I have been trying to decide if I want to pursue medicine or dentistry and this broke it down for me. I think I was caught up in the prestige of being a physician, but what I really want is to have time for family and hobbies. I want to make money and help people. I feel like I could fit in much better with a dental career. I am also interested in being a orthodontist, although I would be satisfied working as a general dentist.
you couldn't pay me enough to go into dentistry or law.
.. which is why most of us are where we are.